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Credit Card Performance Improved In May Despite A Weaker Job Market

Publication date: 05-Jul-2012 12:18:23 EST

(Editor's Note: Standard & Poor's is expanding its regular U.S. credit card quality index (CCQI) article to include both structured finance and financial institutions research. We plan to publish a separate Canadian CCQI article.)

Overall, revolving consumer lending has been lagging in the current recovery, in contrast with prior recovery periods. In the first quarter, total revolving credit, most of which is credit cards, declined 0.5% from the previous quarter as cardholders paid down debt they accumulated during the holiday season. However, revolving credit is still 0.4% higher than a year ago (see chart 1). Demand for credit appears to be strengthening, according to the Federal Reserve's April Senior Loan Officer Survey (SLOS), but we expect balances to remain relatively stable as steady payments offset increased demand. According to the SLOS, net demand for credit cards was 17.5% in the first quarter, more than double the net demand in fourth-quarter 2011. Although the number of credit inquiries in the six months ended March 31, 2012, declined by 0.5%, inquiries were still 15.5% above their first-quarter 2010 trough. However, borrowers' fiscal constraint continues. Average credit card debt per borrower (in absolute dollar amount) declined further in the first quarter, by $242 to $4,962--about $1,250 less than the second quarter of 2009.

(Watch the related CreditMatters TV segment titled, "Credit Card ABS Performance Improved But Receivables Keep Declining," dated June 27, 2012.)

Chart 1

Sector Performance Is Consistent With Individual Bank Results

Asset quality trends for the entire credit card industry support the conclusions drawn from individual bank's reports. The early delinquency rate (loans 30-89 days past due) for the overall industry was 1.43% in the first quarter of 2012, according to Federal Deposit Insurance Corp. (FDIC) data, the lowest it has been since 1991 and down significantly from its peak of 3.08% in third-quarter 2009. Meanwhile, the noncurrent rate (loans more than 90 days past due and those in nonaccrual status) was 1.63% in the first quarter, a small improvement from fourth-quarter 2011 and the lowest rate since 1996. In addition to fewer problem loans, the roll rate for credit cards has dropped as the decline in loans 30-89 days past has outpaced the decline in loans 90 plus days past due.

Chart 2

Net charge-off (NCO) and nonperforming loan (NPL) formation rates for the industry show similar improvements. NCOs in first-quarter 2012 were 40% of what they were two years ago, bringing the NCO rate for credit cards down to 4.3% from a high of 13.2% in 2010 (see chart 3). In comparison with the previous quarter, charge-offs declined $300 million, and the rate remained steady. The NCO rate is 82 bps below its long-term average and may have reached a sustainable level for the near future. The NPL formation rate--the change in noncurrent loans plus total charge-offs as a percent of average loans outstanding--has also improved. It declined to 4.65% in the first quarter from 5.56% in fourth-quarter 2011.

Chart 3

The Banking Industry's Delinquencies And Net Charge-Offs Are Below Long-Term Averages, But They Could Start To Creep Up

For all FDIC-insured banks, credit cards are among the few loan categories that have asset quality metrics that have converged to normalized levels. For example, early delinquency rates for credit card loans are now lower than their long-term averages--the average rate observed since 1984 (see table 1). Notably, the NPL formation rate for credit cards was 4.65% as of first-quarter 2012. This is more than four percentage points lower than its long-term average and is much better than other loan categories. In addition, the first-quarter loss rate of 4.25% for cards is already 34 bps lower than its long-term average.

Table 1

Key Asset Quality Indicators In First-Quarter 2012: Cards Versus Total Loan Book
--Gap versus long-term average--
(%) Card performance Credit cards Total loans and leases
30-89 days past due rate 1.43 (0.43) (0.22)
Nonaccrual rate 0.25 0.00 0.02
Noncurrent rate 1.63 0.12 1.88
NCO rate 4.25 (0.34) 0.23
NPL formation rate 4.65 (4.18) (1.27)
Sources: Standard & Poor’s Financial Institutions Research and FDIC.

Given credit cards' strong performance to date, the potential for further improvement is limited, in our view, and we expect average delinquencies to rise slightly from current levels through the remainder of 2012. We expect NCOs to lag slightly and to inch up to 4.4%-4.5% by 2013. An unexpected weakening in unemployment or personal income would cause delinquencies or NCOs to worsen beyond what we currently expect. However, we expect both metrics to remain well below the highs reached during the recent financial crisis.

U.S. CCQI Performance Trends

As of May 2012, Standard & Poor's Ratings Services' U.S. Credit Card Quality Index (CCQI) tracked approximately $265.7 billion in bankcard receivables and approximately $52.8 billion in private-label/retail card receivables backing Standard & Poor's rated credit card asset-backed securities (ABS). In aggregate, the U.S. CCQI tracks the performance of more than $318.5 billion of receivables held in trusts of rated U.S. credit, 37% of the total U.S. revolving consumer debt balance.

We observed the following performance trends among U.S. bankcard and private-label trusts in May. (We rounded monthly numbers to one decimal point, though percent changes are based on unrounded figures.)

U.S. bankcard receivables performance
  • Principal receivables totaled $265.7 billion, down 9.4% year over year and down 0.5% from April.
  • Charge-offs totaled 4.1%, a 33.9% decrease from May 2011 and 7.2% lower than April 2012.
  • 30-plus-day delinquencies were 2.5%, down 25.0% year over year and down 4.7% from April.
  • The total payment rate was 23.1%, up 5.2% year-over-year and up 3.6% from April.
  • Yield was 18.2%, down 11.8% year over year and up 0.7% from April.
  • The excess spread rate was 11.1%, a 1.9% decrease versus May 2011 and up 4.2% from April 2012.

Chart 4

U.S. private-label receivables performance
  • Principal receivables totaled $52.8 billion, down 2.3% year over year and down 0.1% from April.
  • Charge-offs totaled 6.1%, a 23.4% decrease compared with May 2011 and down 5.9% from April 2012.
  • 30-plus-day delinquencies were 4.1%, down 17.5% year over year and down 4.6% from April.
  • The total payment rate was 17.0%, up 6.4% year over year and up 3.0% from April.
  • Yield was 25.8%, an increase of 4.6% versus May 2011 and down 0.6% from April 2012.
  • The excess spread rate was 14.7%, up 26.2% year-over-year and up 0.7% from April.

Chart 5

Master Trust Ending Balances: Putting On The Brakes?

Notwithstanding indications of strengthening demand in the SLOS survey, ongoing consumer deleveraging continues to lead to declining trust balances, although the pace of decline has slowed in recent periods. According to Standard & Poor's CCQI, bankcard receivables decreased by 9.4% year over year to $265.7 billion, and private-label receivables declined 2.3% year over year to $52.8 billion. The decline in receivables is not surprising, given a drop in both retail sales and oil prices reported in May. Based on our most recent economic forecast that U.S. consumers will continue to save more and spend less the rest of this year, we will likely see lower receivable balances in our CCQI. As of May, CCQI bankcard receivables are at fall 1998 levels, and CCQI private-label receivables are back at 2004 levels. American Express Co. (AXP) and Discover Financial Services Inc. (DFS) were the only issuers to report positive growth in loan balances in May (see chart 6).

Chart 6

Master Trust Credit Card Performance Improves In May

Overall, securitized credit card receivables' performance improved in May despite a slight increase in the unemployment rate to 8.2%. Bank credit card loss rates decreased by 33.9% year over year to 4.1%, and private-label loss rates fell by 23.4% to 6.1%. The improvement is consistent with the S&P/Experian bankcard default rate of 4.35%, which is lower than the 4.49% rate in April and 5.93% in May 2011.

Issuers Versus The Index

Table 2

Issuers Versus The Index
Public trust Outstandings ($) Yield (%) Payment rate (%) Losses Delinquencies Base rate (%) Excess spread (%)
U.S. bankcards
CCQI 265,684,325,363.98 18.2 23.1 4.1 2.5 2.9 11.1
BA Master Credit Card Trust II 63,283,874,466.75 17.1 16.6 5.5 3.3 2.5 9.1
Citibank Credit Card Master Trust I 53,924,753,317.00 16.4 21.5 5.2 2.5 2.3 8.9
Chase Issuance Trust* 42,185,936,105.50 17.6 27.2 3.9 2.1 2.8 10.8
Capital One Master Trust 37,966,534,640.16 20.6 24.0 3.3 2.9 3.8 13.5
Discover Card Master Trust I 32,604,941,113.78 19.2 23.2 2.7 1.9 3.0 13.5
American Express Credit Account Master Trust 30,880,007,601.50 19.4 33.6 2.2 1.3 3.8 13.4
First National Master Note Trust 2,522,371,358.87 25.6 17.1 3.9 2.1 3.3 18.4
Chase Credit Card Master Trust§ 1,215,727,267.24 17.9 25.5 3.9 2.1 2.1 11.9
Advanta Business Card Master Trust 482,392,405.64 16.3 4.6 13.4 7.7 3.4 -0.5
1st Financial Credit Card Master Note Trust II 462,637,604.37 26.1 8.9 4.6 3.2 7.3 14.2
U.S. private-label cards
CCQI 52,779,945,313.97 25.8 14.7 6.1 3.9 4.9 14.7
Citibank Omni Master Trust 26,951,575,023.00 26.3 13.8 6.8 4.5 5.5 14.1
GE Capital Credit Card Master Note Trust 17,180,256,722.43 24.5 15.7 6.3 3.5 4.3 13.9
World Financial Network Credit Card Master Note Trust 3,324,180,733.52 30.4 18.4 5.0 4.0 5.5 19.9
Cabela's Master Credit Card Trust 3,019,644,032.32 20.1 43.8 1.6 0.7 3.4 15.0
Nordstrom Credit Card Master Note Trust II 1,836,703,276.39 30.0 31.2 5.3 2.3 4.3 20.5
World Financial Network Credit Card Master Trust II 467,585,526.31 36.7 15.8 5.3 5.9 7.4 24.0
Note: Rates populated for "Chase Credit Card Master Trust" (except Base Rate) are at series level. *Principal receivables have been adjusted downward, compared with figures reported before February 2005, to account for the collateral certificates issued out of First USA Credit Card Master Trust and Chase Credit Card Master Trust for the benefit of Chase Issuance Trust. If a collateral certificate is issued, receivables are counted in only one trust. §Chase Credit Card Master Trust's payment rate is calculated based on the reported principal receivables balance.

The Six Largest Credit Card Issuers

As of May 2012, the top six trusts accounted for more than 98% of the receivables outstanding in bankcard trusts (see chart 7).

Chart 7

Chart 8

Chart 9

Chart 10

Chart 11

Chart 12

Credit Card Delinquencies: Declining Across The Board

Issuer-level data indicate that delinquencies continued to improve to below pre-crisis levels. The improvement resulted partly from seasonal factors, including consumers' use of the last leg of tax returns in April and May to pay down card debt. Average delinquencies declined 12 bps over April to 2.35%. Delinquencies improved across all six issuers, with Citi improving the most, by -16 bps, followed by BAC (-13 bps), JPM (-12 bps), DFS (-11 bps), COF (-10 bps), and AXP (-8 bps) (see chart 13). Performance remained positive across all loan categories, with a steady delinquency rate for early past due loans and a declining rate for late stage loans. We expect the pace of delinquency improvement to moderate and flatten out in June and July as the tax return benefit fades. We also expect delinquency levels to eventually increase toward year-end.

Chart 13

Delinquency Roll Rates Are Mixed

To understand the performance of delinquent loans within credit card master trusts, we also examine the roll rate--the migration of 30-59 days past due loans to 60-89 days past due loans (see chart 14). COF continued to post the lowest rollover rate in the industry, closely followed by AXP, largely suggesting better collection efforts and higher-quality borrowers.

Chart 14

Table 3

Master Trust Monthly Results
(%) Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Month-over-month change (bps)
Roll rates (30-59 days past due to 60-89 days past due)
AXP 73.90 70.10 71.70 74.30 72.58 71.70 69.70 73.50 73.10 (0.40)
COF 75.60 73.10 74.20 73.40 72.44 68.50 68.60 74.10 71.80 (2.30)
BAC 76.80 75.90 75.90 74.10 76.32 74.90 73.50 76.80 76.00 (0.80)
JPM 76.60 76.40 75.90 76.30 73.91 75.63 74.60 74.40 74.60 0.20
Citi 74.17 73.91 76.55 73.91 75.96 75.21 73.91 75.38 77.24 1.85
DFS 75.60 74.40 75.70 74.89 74.65 73.50 73.20 75.50 75.30 (0.20)
Average 75.45 73.97 74.99 74.48 74.31 73.24 72.25 74.95 74.67 (0.27)
Early delinquencies (31-90 days past due)
AXP 0.88 0.89 0.86 0.78 0.78 0.78 0.74 0.69 0.64 (0.05)
COF 1.73 1.75 1.76 1.71 1.70 1.60 1.45 1.43 1.41 (0.02)
BAC 1.86 1.86 1.84 1.74 1.70 1.67 1.61 1.54 1.48 (0.06)
JPM 1.27 1.28 1.26 1.20 1.14 1.11 1.09 1.03 0.98 (0.05)
Citi 1.68 1.65 1.70 1.59 1.52 1.47 1.39 1.27 1.19 (0.08)
DFS 1.26 1.25 1.22 1.13 1.11 1.07 1.03 0.99 0.93 (0.06)
Average 1.45 1.45 1.44 1.36 1.33 1.28 1.22 1.16 1.11 (0.05)
Sources: Standard & Poor’s Financial Institutions Research and company filings.

Are Net Charge-Offs For The Top Six Banks Approaching A Bottom?

The master trust data corroborate the broader industry patterns in loss rates, which continued to improve in May. Average NCOs for the six largest credit card trusts declined 29 bps month over month to 3.8% after increasing by the same amount in April (see chart 15). Net losses declined the most for Citi, reversing, to a large extent, the significant increase in April, which we believe resulted from several factors, including the charge-offs of holiday loans as they reached the 180-day threshold. Following Citi were AXP (NCOs were down 36 bps), JPMorgan Chase & Co. (JPM) and Capital One Financial Corp. (COF)--both down 26 bps--and Bank of America Corp. (BAC), down 17 bps. DFS was the only issuer that posted higher NCOs month over month (up 5 bps). We note that after a dent in April, average loss rates retreated to their post-crisis low reached in March.

Chart 15

Trends in credit card loss rates for the six issuers on a managed basis (retained on-balance-sheet loans and loans in revolving credit card securitizations) also reinforce the positive message (see table 4). For most issuers, managed loss rates dipped for the three months ended in March. Although a couple of issuers (including Chase and Citi retail cards) saw rates edge higher from the fourth quarter, longer-term trends remain consistently positive across all major credit card issuers.

Table 4

Quarterly Credit Card Loss Performance (Managed Basis)
Managed Net Credit Loss Ratio (%)
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Month-over-month (bps)
JPM 6.97 5.82 4.70 4.29 4.40 0.11
BAC 8.39 7.29 6.28 5.55 5.44 (0.11)
Citigroup (Citicorp)
Citi-Branded Cards 7.30 6.71 5.89 5.26 4.94 (0.32)
Citi Retail Services 9.54 8.70 7.19 7.08 7.11 0.03
COF (U.S. Credit Cards) 6.20 4.74 3.92 4.07 3.92 (0.15)
DFS 5.96 5.01 3.85 3.24 3.07 (0.17)
AXP - USCS 3.70 3.20 2.60 2.30 2.30 0
Sources: Standard & Poor’s Financial Institutions Research and company filings.

Rating Changes On Credit Card ABS And Credit Card Originators/ABS Issuers

On June 11, 2012, we raised our ratings on two classes of notes issued out of two American Express Credit Account Secured Note Trusts to 'A+' from 'A' because of the increase in our purchase rate assumption, which follows the June 6, 2012, upgrades of American Express' core operating subsidiaries to 'A-' from 'BBB+'. (See "Two American Express Secured Note Trusts ABS Ratings Raised After American Express Core Operating Subsidiaries Upgraded," published June 11, 2012.)

On June 25, 2012, we placed our 'A+ (sf)' rating on the class A (2004-1) notes from BA Credit Card Trust on CreditWatch with negative implications, following the recent downgrade of Danske Bank (A-/Stable/A-2), which acts as the swap counterparty for the class A (2004-1) notes. We will evaluate the potential impact of the swap counterparty downgrade on this class of notes and expect to complete our review within the next 90 days (see "BA Credit Card Trust Class A(2004-1) Rating Placed On CreditWatch Negative After Counterparty Downgrade").

On May 11, 2012, we raised our ratings on four classes and affirmed ratings on 60 classes issued by seven issuers of U.S. cobranded and retail credit card asset-backed securities (ABS) transactions. The upgrades and rating affirmations concluded our recent review of each of the credit card ABS deals backed by the seven issuers of U.S. cobranded and retail credit card ABS that we rate. (For more information, see "Four Ratings Raised, 60 Affirmed On Seven U.S. Private-Label Card ABS Issuers" and "May 11, 2012, Ratings Raised, Affirmed On U.S. Private-Label Card ABS From Seven Issuers On Adjustments To Key Performance Variables.")

On May 11, 2012, we lowered the ratings on seven classes and affirmed our ratings on five classes issued out of the Advanta Business Card Master Trust. The downgrades reflect our view of the likelihood that these classes will not receive full repayment of their original principal amount at legal final maturity. For more information see "Advanta Business Card Master Trust Ratings Lowered On 7 Classes; Five Ratings Affirmed."

On June 6, 2012, Standard & Poor's Ratings Service raised its long-term issuer credit ratings on American Express Co.'s (Amex's) core operating subsidiaries, which include American Express Travel Related Services and its rated subsidiaries, to 'A-' from 'BBB+' and affirmed its 'A-2' short-term issuer credit ratings on the subsidiaries. At the same time, Standard & Poor's affirmed its 'BBB+/A-2' issuer credit ratings on Amex, the nonoperating holding company. The outlook on the long-term ratings is stable (see "American Express Core Operating Subsidiaries Ratings Raised To 'A-' From 'BBB+'; Amex Ratings Affirmed; Outlook Stable").

Amex performed well and did not post any quarterly losses during the credit crisis. Since becoming a bank holding company, Amex has improved its funding profile by adding direct-to-consumer deposit funding to its mix. Retail deposits now account for about 38% of total funding. The affirmation of the ratings on Amex reflects our view that there is a greater degree of structural subordination, given that the banks comprise about 47% of consolidated assets. As a result, based on our criteria, we now rate the nonoperating holding company one notch below the group.

Table 5

Rating Actions On ABS
First quarter Second quarter Third quarter Fourth quarter Total
Downgrades
2002 0 12 0 35 47
2003 13 8 26 0 47
2004 0 2 0 0 2
2005 0 0 0 0 0
2006 0 0 0 2 2
2007 0 3 0 0 3
2008 8 6 19 5 38
2009 31 24 9 30 94
2010 0 36 0 1 37
2011 0 2 0 14 16
2012 1 7 8
Total 294
Upgrades
2002 0 0 0 0 0
2003 0 3 0 3 6
2004 0 6 4 3 13
2005 0 0 16 14 30
2006 12 7 10 8 37
2007 40 0 27 2 69
2008 0 0 0 0 0
2009 60 94 35 4 193
2010 0 26 0 6 32
2011 0 0 0 0 0
2012 28 6 34
Total 414

Appendix I: CCQI Monthly Summary

Table 6

Standard & Poor's CCQI--U.S. ABS Credit Card Bankcard
Monthly summary
Outstanding amount ($) Yield Charge-off rate (%) Base rate (%) Spread rate (%) 30+ day delinquency rate (%) 60+ day delinquency rate (%) 90+ day delinquency rate (%) Payment rate (%) Unemployment rate (%)
Jan/1992 71,378,091,431.00 17.9 4.7 8.3 4.8 5.4 2.7 1.1 13.2
Feb/1992 71,391,805,592.00 18.5 4.8 8.5 5.2 5.3 2.7 1.1 11.8
Mar/1992 71,332,406,850.00 19.1 5.0 8.5 5.6 5.1 2.7 1.1 12.4
Apr/1992 71,364,951,870.00 18.5 4.9 8.5 5.1 5.0 2.6 1.1 12.2
May/1992 71,441,816,832.00 18.7 5.1 8.4 5.2 5.0 2.5 1.0 12.0
Jun/1992 72,768,048,532.00 19.0 5.3 8.5 5.2 4.8 2.4 1.0 12.5
Jul/1992 72,810,812,214.00 18.5 4.8 8.5 5.2 4.9 2.5 1.0 12.8
Aug/1992 74,488,527,395.00 19.0 4.8 8.4 5.7 5.1 2.1 0.9 12.3
Sep/1992 75,854,674,623.00 18.6 4.8 8.4 5.4 5.1 2.5 1.0 12.4
Oct/1992 75,425,554,264.00 18.7 4.7 8.5 5.5 5.1 2.6 1.1 13.2
Nov/1992 77,643,411,894.00 18.8 4.8 8.4 5.6 5.1 2.6 1.0 12.5
Dec/1992 84,707,623,366.80 18.6 4.7 8.2 5.6 5.0 2.5 1.0 13.7
Jan/1993 83,163,698,934.70 18.0 4.5 8.3 5.2 5.2 2.5 1.1 13.5
Feb/1993 82,292,624,004.50 18.4 4.4 8.2 5.8 5.1 2.5 1.1 12.6
Mar/1993 81,070,563,452.60 19.0 4.5 8.2 6.4 4.8 2.4 1.0 13.4
Apr/1993 80,575,863,428.30 18.7 4.5 8.3 5.9 4.7 2.3 1.0 13.2
May/1993 81,111,076,104.50 19.3 4.4 8.5 6.4 4.6 2.3 1.0 13.5
Jun/1993 83,276,226,816.70 19.1 4.4 8.3 6.3 4.6 2.3 1.0 13.6
Jul/1993 84,070,118,812.30 19.1 4.2 8.3 6.6 4.6 2.3 1.0 13.9
Aug/1993 84,412,386,319.70 19.5 4.2 8.3 7.0 4.7 2.3 1.0 13.9
Sep/1993 87,985,101,130.00 18.7 4.0 8.2 6.5 4.8 2.3 1.0 14.3
Oct/1993 93,692,930,465.10 18.9 4.0 7.9 6.9 4.6 2.2 1.0 14.4
Nov/1993 95,529,102,646.20 19.0 4.0 8.1 6.9 4.4 2.2 1.0 14.4
Dec/1993 99,930,713,911.20 18.8 3.8 8.0 7.0 4.3 2.1 1.0 15.7
Jan/1994 98,283,024,359.60 17.8 3.7 7.9 6.2 4.6 2.3 1.0 14.8
Feb/1994 99,540,209,896.80 18.8 3.7 7.8 7.3 4.5 2.2 1.0 14.1
Mar/1994 97,443,470,274.30 19.0 3.7 7.8 7.5 4.2 2.1 1.0 15.3
Apr/1994 99,621,358,445.20 18.7 3.7 7.8 7.2 4.1 2.0 1.0 14.1
May/1994 100,483,587,356.10 18.8 3.7 7.9 7.2 4.0 1.9 0.9 15.0
Jun/1994 102,815,118,045.60 19.8 3.5 8.0 8.3 4.0 1.9 0.9 14.9
Jul/1994 102,315,270,311.80 18.5 3.5 8.0 7.0 4.1 2.0 0.9 14.3
Aug/1994 110,272,433,667.70 18.8 3.2 8.0 7.6 3.9 1.9 0.9 14.9
Sep/1994 110,392,772,511.60 17.6 3.1 8.0 6.5 4.0 1.9 0.9 14.4
Oct/1994 112,217,549,010.60 18.4 3.2 7.9 7.2 4.0 2.0 1.0 14.4
Nov/1994 119,037,451,996.40 17.6 3.2 8.2 6.2 4.0 2.0 1.0 14.0
Dec/1994 122,752,364,316.20 18.1 3.1 8.4 6.6 4.2 2.0 1.0 14.3
Jan/1995 120,579,720,059.60 17.3 3.3 8.2 5.8 4.4 2.1 1.1 14.6
Feb/1995 121,156,058,962.70 18.1 3.3 8.3 6.5 4.4 2.2 1.1 13.1
Mar/1995 124,473,582,833.80 18.7 3.3 8.5 6.9 4.1 2.1 1.1 14.4
Apr/1995 122,735,366,453.70 17.6 3.4 8.3 5.9 4.1 2.1 1.0 12.9
May/1995 129,998,473,799.30 18.3 3.4 8.3 6.6 4.1 2.0 1.0 13.8
Jun/1995 140,322,795,403.70 17.8 3.3 8.3 6.2 4.2 2.1 1.1 13.9
Jul/1995 144,323,490,223.50 17.9 3.5 8.2 6.2 4.2 2.1 1.1 13.7
Aug/1995 146,316,205,982.60 18.1 3.5 8.2 6.4 4.3 2.2 1.1 14.2
Sep/1995 158,255,668,060.80 17.5 3.7 8.1 5.6 4.7 2.5 1.4 13.1
Oct/1995 166,640,824,753.20 18.0 3.8 7.9 6.4 4.5 2.3 1.2 14.2
Nov/1995 174,929,293,327.00 17.6 3.8 7.9 5.9 4.5 2.4 1.3 13.3
Dec/1995 185,480,070,187.70 17.5 4.1 8.2 5.3 4.7 2.5 1.3 13.1
Jan/1996 183,091,563,136.95 17.1 4.1 7.9 5.1 4.9 2.6 1.3 13.7
Feb/1996 180,236,934,723.73 17.7 4.3 7.6 5.8 5.0 2.7 1.4 13.5
Mar/1996 181,932,695,528.98 18.2 4.6 7.6 6.0 4.8 2.7 1.4 13.8
Apr/1996 185,809,982,433.45 17.7 5.0 7.6 5.1 4.7 2.6 1.4 13.5
May/1996 188,541,700,353.95 17.9 5.1 7.8 5.0 4.8 2.7 1.4 13.7
Jun/1996 194,020,741,201.58 17.5 5.3 7.7 4.5 4.8 2.7 1.4 12.7
Jul/1996 201,536,087,046.46 17.9 5.1 7.8 5.0 4.8 2.7 1.5 14.3
Aug/1996 209,810,657,303.04 17.8 4.9 7.8 5.1 5.0 2.8 1.5 13.9
Sep/1996 214,108,816,522.10 17.7 5.1 7.7 4.8 5.1 2.9 1.6 13.4
Oct/1996 215,138,339,730.43 18.3 5.1 7.7 5.5 5.3 3.1 1.7 14.3
Nov/1996 218,591,256,477.02 17.9 5.6 7.7 4.6 5.5 3.2 1.8 12.7
Dec/1996 230,079,317,991.74 18.7 5.6 7.7 5.4 5.6 3.3 1.8 13.7
Jan/1997 224,901,945,784.13 17.9 5.7 7.8 4.4 5.7 3.4 1.9 14.6
Feb/1997 225,832,378,165.44 18.2 5.8 7.5 4.8 5.7 3.5 1.9 13.5
Mar/1997 222,902,292,626.11 19.6 6.1 7.7 5.9 5.5 3.4 1.9 14.4
Apr/1997 228,751,544,382.83 18.2 6.4 7.8 4.1 5.2 3.2 1.8 13.9
May/1997 228,684,076,200.61 18.7 6.3 7.9 4.5 5.0 3.0 1.6 14.7
Jun/1997 229,493,560,143.67 18.6 6.2 7.8 4.6 5.0 3.0 1.6 14.3
Jul/1997 230,505,332,585.13 19.2 6.3 7.9 4.9 5.1 3.1 1.7 15.3
Aug/1997 232,250,862,102.77 18.9 6.1 7.8 5.0 5.2 3.1 1.7 14.0
Sep/1997 233,749,299,154.35 19.1 6.2 7.8 5.1 5.3 3.1 1.7 14.4
Oct/1997 236,916,740,489.36 19.6 6.1 7.9 5.5 5.3 3.2 1.7 15.3
Nov/1997 239,902,389,389.62 18.6 6.3 7.8 4.5 5.4 3.3 1.8 13.3
Dec/1997 248,134,408,772.83 19.5 6.4 8.0 5.1 5.6 3.4 1.9 15.1
Jan/1998 243,487,868,560.00 18.6 6.1 7.9 4.6 5.7 3.5 1.9 15.3
Feb/1998 239,936,410,411.23 18.9 6.3 7.7 5.0 5.5 3.3 1.8 14.2
Mar/1998 241,660,587,293.80 20.5 6.3 7.8 6.3 5.2 3.4 1.9 15.5
Apr/1998 241,748,097,934.00 19.0 6.3 6.1 6.6 5.0 3.2 1.9 15.0
May/1998 255,292,349,469.56 19.3 6.2 7.7 5.3 4.9 3.3 1.9 15.1
Jun/1998 258,845,051,965.96 19.5 6.4 7.6 5.5 4.8 3.2 1.9 15.7
Jul/1998 262,834,060,240.55 20.0 5.9 6.7 7.4 4.9 3.2 1.8 16.5
Aug/1998 260,759,122,293.66 20.1 5.9 7.7 6.6 4.9 3.2 1.8 16.2
Sep/1998 262,563,908,593.11 20.3 6.0 7.7 6.6 5.0 3.3 1.9 15.6
Oct/1998 262,953,514,022.87 21.1 5.8 7.6 7.8 5.1 3.3 1.9 16.4
Nov/1998 264,876,875,669.10 20.6 5.9 7.3 7.5 5.0 3.3 1.9 15.5
Dec/1998 276,233,760,353.75 20.7 5.5 7.6 7.5 5.0 3.2 1.9 16.2
Jan/1999 274,476,032,502.04 20.1 6.0 7.3 6.8 5.0 3.4 1.9 16.2
Feb/1999 274,420,367,651.97 20.7 6.0 7.0 7.6 5.0 3.4 2.0 15.7
Mar/1999 277,518,403,518.75 21.3 5.9 7.2 8.2 4.6 3.0 1.6 17.3
Apr/1999 281,248,956,846.34 19.8 5.9 7.2 6.8 4.5 2.9 1.6 16.3
May/1999 281,052,407,616.29 20.8 6.1 7.0 7.7 4.4 2.9 1.6 16.6
Jun/1999 286,206,059,553.70 20.1 5.9 7.2 7.0 4.4 2.8 1.5 16.5
Jul/1999 292,037,768,527.79 20.3 5.7 7.3 7.3 4.5 2.8 1.5 16.7
Aug/1999 295,142,389,159.06 20.7 5.7 7.4 7.7 4.5 2.9 1.5 17.2
Sep/1999 299,927,612,603.81 20.1 5.4 7.4 7.3 4.7 3.0 1.6 17.0
Oct/1999 301,117,937,624.00 21.0 5.5 7.6 7.8 4.8 3.1 1.6 16.3
Nov/1999 304,841,011,122.76 20.6 5.6 7.6 7.3 4.8 3.1 1.7 16.1
Dec/1999 314,701,868,020.05 20.9 5.7 8.4 6.8 4.6 3.1 1.7 16.8
Jan/2000 308,665,870,592.58 20.0 5.6 7.8 6.7 4.7 3.1 1.7 16.4 4.0
Feb/2000 306,377,431,468.99 20.8 5.5 7.9 7.4 4.6 3.1 1.7 16.0 4.1
Mar/2000 304,234,468,010.82 21.2 5.5 8.2 7.5 4.3 2.9 1.6 17.4 4.0
Apr/2000 307,733,920,746.54 19.1 5.4 8.0 5.7 4.2 2.8 1.5 15.6 3.8
May/2000 310,213,992,100.49 19.8 5.8 8.5 5.5 4.1 2.7 1.5 16.8 4.0
Jun/2000 321,251,890,510.36 19.5 5.2 8.6 5.7 4.1 2.6 1.4 16.7 4.0
Jul/2000 323,786,665,639.82 19.7 5.0 8.4 6.2 4.2 2.7 1.4 16.2 4.0
Aug/2000 330,706,779,247.43 20.0 4.9 8.6 6.5 4.2 2.7 1.4 17.1 4.1
Sep/2000 331,123,634,889.07 19.1 4.9 8.5 5.6 4.4 2.8 1.5 15.5 3.9
Oct/2000 333,324,066,058.02 20.4 5.3 8.5 6.6 4.6 2.9 1.5 16.6 3.9
Nov/2000 341,304,290,145.39 19.5 5.1 8.5 5.8 4.7 3.0 1.6 15.7 3.9
Dec/2000 350,443,847,971.74 19.9 6.3 8.7 5.0 4.7 3.0 1.6 15.4 3.9
Jan/2001 346,015,995,010.76 19.8 5.3 8.1 6.5 4.9 3.2 1.7 16.8 4.2
Feb/2001 342,762,068,104.18 20.0 5.6 7.6 6.8 5.1 3.4 1.8 15.2 4.2
Mar/2001 348,153,020,105.74 21.1 5.8 7.5 7.8 4.9 3.3 1.8 16.7 4.3
Apr/2001 351,288,625,988.83 19.8 6.4 7.2 6.2 4.9 3.3 1.8 15.7 4.4
May/2001 356,846,692,345.18 20.1 6.6 6.7 6.8 4.9 3.2 1.7 16.4 4.3
Jun/2001 357,203,518,776.42 19.3 6.3 6.5 6.6 4.9 3.3 1.7 16.0 4.5
Jul/2001 364,403,348,923.40 20.0 6.4 6.3 7.2 5.0 3.3 1.8 16.4 4.6
Aug/2001 367,999,722,484.09 20.0 6.3 6.2 7.6 5.0 3.3 1.8 16.8 4.9
Sep/2001 367,385,618,821.71 19.0 6.3 5.8 6.8 5.1 3.5 1.8 14.9 5.0
Oct/2001 374,562,969,059.60 20.0 6.6 5.3 8.2 5.2 3.3 1.8 16.3 5.3
Nov/2001 379,199,659,479.13 19.0 6.4 5.0 7.6 5.3 3.5 1.8 15.5 5.5
Dec/2001 392,883,867,451.45 19.1 6.6 4.7 7.8 5.4 3.6 1.9 15.8 5.7
Jan/2002 384,979,842,286.18 18.7 6.6 4.6 7.5 5.5 3.7 2.0 16.9 5.7
Feb/2002 379,960,387,525.74 18.4 6.5 4.5 7.4 5.5 3.8 2.1 15.0 5.7
Mar/2002 375,270,411,365.49 19.5 7.3 4.6 7.6 5.3 3.7 2.1 16.2 5.7
Apr/2002 373,028,851,081.32 18.4 7.2 4.5 6.7 5.2 3.5 2.0 15.6 5.9
May/2002 380,821,440,942.94 18.6 6.9 4.6 7.2 5.0 3.4 1.9 16.5 5.8
Jun/2002 381,097,388,337.21 18.1 6.8 4.6 6.8 5.1 3.4 1.9 15.2 5.8
Jul/2002 384,295,410,191.62 18.8 6.6 4.5 7.7 5.1 3.4 1.9 16.1 5.8
Aug/2002 385,449,293,829.11 18.4 6.3 4.5 7.6 5.2 3.4 1.9 16.1 5.7
Sep/2002 382,525,159,271.79 18.4 6.5 4.5 7.3 5.5 3.7 2.0 15.4 5.7
Oct/2002 386,116,446,182.94 18.7 6.7 4.4 7.6 5.5 3.7 2.1 16.3 5.7
Nov/2002 392,244,722,485.29 17.8 7.0 4.1 6.7 5.6 3.8 2.1 14.7 5.9
Dec/2002 409,126,188,031.13 18.2 7.3 4.1 6.9 5.4 3.7 2.1 15.7 6.0
Jan/2003 400,321,607,717.48 17.3 7.0 4.0 6.3 5.6 3.8 2.1 16.5 5.8
Feb/2003 398,512,226,834.65 17.7 7.1 4.0 6.6 5.6 3.9 2.2 14.9 5.9
Mar/2003 395,347,779,755.58 18.5 7.3 3.9 7.4 5.4 3.8 2.2 16.4 5.9
Apr/2003 399,147,181,647.86 17.4 7.3 3.9 6.2 5.3 3.7 2.1 15.8 6.0
May/2003 404,546,642,208.17 17.6 7.2 3.9 6.5 5.2 3.6 2.1 16.4 6.1
Jun/2003 406,953,881,184.88 17.7 6.9 3.8 7.0 5.1 3.6 2.0 16.3 6.3
Jul/2003 409,809,996,629.25 17.9 7.0 3.8 7.1 5.1 3.6 2.0 17.0 6.2
Aug/2003 398,927,309,445.66 18.0 6.9 3.7 7.3 5.2 3.6 2.0 16.4 6.1
Sep/2003 396,215,701,225.63 17.7 6.7 3.7 7.3 5.3 3.6 2.0 16.4 6.1
Oct/2003 399,195,203,783.29 17.8 6.6 3.7 7.4 5.2 3.6 2.0 17.0 6.0
Nov/2003 403,134,304,096.76 17.2 6.8 3.7 6.7 5.2 3.6 2.1 15.6 5.8
Dec/2003 417,113,702,542.80 17.7 6.7 3.7 7.3 5.0 3.5 2.0 16.6 5.7
Jan/2004 411,407,373,772.25 16.9 6.6 3.6 6.7 5.1 3.5 2.1 16.8 5.7
Feb/2004 401,599,206,125.91 17.8 6.7 3.6 7.5 5.0 3.5 2.0 16.1 5.6
Mar/2004 397,440,285,091.66 18.0 6.6 3.6 7.8 4.8 3.3 2.0 17.5 5.8
Apr/2004 403,757,686,912.77 17.2 6.4 3.6 7.2 4.5 3.2 1.9 17.2 5.6
May/2004 401,220,466,231.23 17.7 6.7 3.6 7.4 4.4 3.1 1.8 17.2 5.6
Jun/2004 402,680,110,845.41 17.4 6.3 3.8 7.4 4.4 3.0 1.7 17.6 5.6
Jul/2004 401,702,486,065.18 17.3 5.8 3.9 7.6 4.3 3.0 1.7 17.6 5.5
Aug/2004 401,618,790,185.54 17.9 5.9 4.1 7.9 4.3 3.0 1.7 17.9 5.4
Sep/2004 399,276,178,618.64 17.1 5.6 4.3 7.3 4.5 3.0 1.7 17.4 5.4
Oct/2004 395,263,611,440.93 18.2 5.9 4.4 7.9 4.5 3.1 1.8 17.2 5.5
Nov/2004 395,602,125,238.70 18.2 6.0 4.7 7.5 4.5 3.1 1.8 17.3 5.4
Dec/2004 407,565,524,590.97 17.8 5.9 4.8 7.2 4.3 3.0 1.7 18.2 5.4
Jan/2005 395,073,954,719.59 17.5 5.6 4.8 7.1 4.4 3.1 1.8 18.1 5.2
Feb/2005 392,520,047,951.80 18.0 5.6 4.9 7.5 4.3 2.9 1.8 17.0 5.4
Mar/2005 390,160,177,978.51 18.5 5.5 5.0 8.0 4.2 2.9 1.7 19.0 5.2
Apr/2005 389,032,969,072.19 17.9 5.7 5.2 7.0 4.0 2.8 1.7 17.8 5.1
May/2005 390,141,497,850.74 18.8 6.0 5.3 7.5 4.0 2.7 1.6 18.7 5.1
Jun/2005 392,966,609,019.73 18.0 5.6 5.3 7.1 4.0 2.7 1.6 18.8 5.0
Jul/2005 390,163,190,065.20 18.8 5.6 5.5 7.6 4.0 2.7 1.6 18.6 5.0
Aug/2005 390,168,155,775.85 19.2 5.3 5.6 8.4 3.9 2.7 1.6 19.7 4.9
Sep/2005 390,962,757,326.67 18.3 5.2 5.8 7.4 4.0 2.7 1.6 19.1 5.1
Oct/2005 385,445,369,124.46 18.7 6.8 5.9 6.0 4.0 2.7 1.6 18.9 5.0
Nov/2005 389,717,777,002.49 18.0 6.6 6.1 5.4 3.7 2.5 1.5 18.8 5.0
Dec/2005 399,232,123,634.10 18.6 6.9 6.2 5.4 3.3 2.2 1.4 19.8 4.8
Jan/2006 383,068,531,520.01 18.4 3.2 6.3 9.0 3.4 2.3 1.5 20.8 4.7
Feb/2006 377,240,720,633.42 18.8 2.9 6.3 9.6 3.6 2.4 1.6 19.3 4.7
Mar/2006 365,716,822,009.63 19.7 3.1 6.4 10.2 3.6 2.8 1.6 22.0 4.7
Apr/2006 366,426,832,037.07 18.5 3.5 6.5 8.5 3.6 2.4 1.6 19.5 4.7
May/2006 376,172,153,987.99 19.1 3.5 6.8 8.9 3.5 2.4 1.6 21.2 4.7
Jun/2006 375,773,652,833.17 18.6 3.4 6.9 8.3 3.5 2.4 1.6 20.9 4.6
Jul/2006 368,769,180,607.51 19.1 3.9 7.0 8.3 3.5 2.4 1.6 20.6 4.7
Aug/2006 374,838,622,430.16 19.3 3.7 7.0 8.6 3.6 2.4 1.6 21.2 4.7
Sep/2006 378,207,182,855.80 18.4 3.7 7.0 7.7 3.7 2.5 1.7 19.3 4.5
Oct/2006 380,612,286,324.87 19.0 3.8 7.0 8.2 3.8 2.5 1.7 20.1 4.4
Nov/2006 388,186,014,619.92 18.6 4.1 7.0 7.5 3.8 2.6 1.8 19.5 4.5
Dec/2006 398,131,581,807.04 19.1 4.2 7.0 7.9 3.8 2.6 1.8 19.6 4.4
Jan/2007 390,068,377,419.16 18.6 4.1 7.0 7.5 3.8 2.6 1.8 21.0 4.6
Feb/2007 391,249,015,943.87 18.9 4.2 7.0 7.7 3.9 2.7 1.9 18.9 4.5
Mar/2007 391,670,051,593.20 19.8 4.3 7.0 8.5 3.8 2.6 1.9 21.1 4.4
Apr/2007 390,865,040,198.62 18.8 4.4 7.0 7.4 3.7 2.6 1.8 19.7 4.5
May/2007 393,852,170,947.53 19.3 4.4 7.0 7.9 3.7 2.5 1.8 20.5 4.5
Jun/2007 406,052,071,307.09 19.0 4.2 7.0 7.8 3.7 2.5 1.8 20.3 4.6
Jul/2007 404,047,342,690.95 19.8 4.3 7.0 8.5 3.8 2.6 1.8 20.8 4.7
Aug/2007 411,822,863,026.38 20.0 4.3 7.2 8.4 3.8 2.6 1.8 20.9 4.7
Sep/2007 412,349,438,466.24 19.3 4.3 7.3 7.7 4.0 2.7 1.8 19.0 4.7
Oct/2007 418,090,682,530.76 20.0 4.6 6.9 8.6 4.1 2.8 1.9 20.2 4.8
Nov/2007 426,663,564,128.90 20.2 4.6 6.6 9.0 4.2 2.9 2.0 19.0 4.7
Dec/2007 432,780,072,418.13 20.0 4.9 6.8 8.4 4.3 3.0 2.1 19.2 5.0
Jan/2008 434,496,874,875.42 18.5 5.2 6.1 7.2 4.5 3.1 2.2 20.3 4.9
Feb/2008 428,472,096,484.75 18.9 5.3 5.3 8.4 4.5 3.2 2.2 18.5 4.8
Mar/2008 422,195,617,972.86 18.8 5.7 5.0 8.1 4.5 3.2 2.3 19.0 5.1
Apr/2008 427,241,081,149.11 18.0 5.9 4.9 7.1 4.5 3.2 2.3 18.6 5.0
May/2008 438,757,019,191.60 17.8 6.0 4.8 7.1 4.4 3.1 2.2 19.6 5.5
Jun/2008 440,651,292,885.61 17.9 6.2 4.8 7.0 4.4 3.2 2.2 19.1 5.6
Jul/2008 440,298,552,188.23 17.7 6.1 4.8 6.8 4.5 3.2 2.2 19.3 5.8
Aug/2008 449,298,875,164.49 17.6 6.4 4.8 6.3 4.5 3.2 2.2 18.7 6.2
Sep/2008 447,800,238,765.65 17.4 6.2 4.9 6.3 4.6 3.2 2.2 18.1 6.2
Oct/2008 443,371,890,032.88 17.4 6.4 6.4 4.7 4.9 3.4 2.3 18.5 6.6
Nov/2008 436,264,826,677.31 16.8 6.6 4.1 6.1 5.1 3.6 2.4 16.3 6.8
Dec/2008 441,515,656,518.45 17.4 7.2 3.8 6.4 5.3 3.8 2.6 17.7 7.2
Jan/2009 426,726,976,965.57 16.2 7.3 3.2 5.7 5.8 4.1 2.8 17.4 7.6
Feb/2009 419,451,788,654.30 16.9 8.3 3.2 5.5 6.0 4.4 3.0 16.2 8.1
Mar/2009 415,895,711,229.74 17.7 8.8 3.2 5.6 6.2 4.5 3.2 17.8 8.5
Apr/2009 418,964,150,811.33 16.8 9.4 3.2 4.3 6.1 4.6 3.2 16.8 8.9
May/2009 414,826,380,530.28 17.5 9.9 3.1 4.4 5.7 4.3 3.1 17.5 9.4
Jun/2009 413,525,375,933.20 17.8 10.4 3.1 4.3 5.5 4.1 3.0 17.8 9.5
Jul/2009 412,479,321,424.14 19.2 9.8 3.1 6.3 5.4 4.1 2.9 18.6 9.4
Aug/2009 411,734,696,229.17 19.5 10.5 3.1 5.9 5.5 3.9 2.8 18.1 9.7
Sep/2009 407,271,324,668.95 19.7 9.9 3.3 6.5 5.7 4.1 2.8 18.0 9.8
Oct/2009 401,620,591,747.45 20.3 9.3 3.2 7.7 5.9 4.3 2.9 18.4 10.2
Nov/2009 400,737,776,898.85 20.4 9.9 3.2 7.3 5.9 4.4 3.1 17.8 10.0
Dec/2009 406,412,830,126.62 21.3 9.4 3.2 8.7 5.8 4.3 3.1 19.4 10.0
Jan/2010 395,058,613,780.78 20.3 10.3 3.2 6.9 5.7 4.3 3.1 18.6 9.7
Feb/2010 372,071,335,083.38 22.0 10.5 3.2 8.3 5.7 4.3 3.2 18.0 9.7
Mar/2010 357,915,442,270.13 22.1 10.1 3.1 8.9 5.6 4.2 3.0 19.5 9.7
Apr/2010 354,486,627,891.49 21.7 10.2 3.2 8.4 5.4 4.1 2.9 19.3 9.9
May/2010 351,694,744,448.23 22.2 10.1 3.2 8.9 5.2 3.9 2.8 19.5 9.7
Jun/2010 345,484,468,477.00 22.5 9.7 3.3 9.6 5.0 3.8 2.7 20.1 9.5
Jul/2010 341,903,369,107.20 22.2 8.8 3.3 10.1 4.9 3.7 2.7 20.2 9.5
Aug/2010 335,529,590,765.78 22.4 9.4 3.2 9.8 4.7 3.5 2.5 20.0 9.6
Sep/2010 330,205,639,166.96 21.7 8.3 3.2 10.3 4.6 3.4 2.4 20.3 9.6
Oct/2010 318,544,524,463.63 21.4 8.1 3.2 10.1 4.5 3.3 2.4 19.7 9.6
Nov/2010 315,350,075,875.38 21.4 8.0 3.2 10.2 4.3 3.1 2.2 19.9 9.8
Dec/2010 322,459,189,461.24 21.5 7.4 3.2 10.9 4.1 3.1 2.2 21.5 9.4
Jan/2011 307,840,476,016.76 20.2 6.9 3.3 10.0 4.1 3.1 2.2 20.9 9.0
Feb/2011 299,416,501,456.66 20.9 6.9 3.3 10.7 4.0 3.0 2.2 20.2 8.9
Mar/2011 296,081,694,314.00 21.3 6.6 3.1 11.6 3.8 2.8 2.0 22.3 8.8
Apr/2011 291,268,963,598.37 19.9 6.4 3.0 10.4 3.5 2.6 1.9 20.7 9.0
May/2011 293,212,366,478.86 20.6 6.3 3.0 11.3 3.3 2.5 1.8 22.0 9.1
Jun/2011 288,180,307,927.28 20.1 5.4 3.0 11.7 3.2 2.4 1.7 22.4 9.2
Jul/2011 287,248,117,742.32 19.9 5.4 3.0 11.5 3.1 2.3 1.6 21.8 9.1
Aug/2011 284,923,516,341.48 20.0 5.2 3.0 11.8 3.1 2.2 1.6 22.5 9.1
Sep/2011 283,124,608,319.12 19.3 4.6 3.0 11.7 3.1 2.2 1.6 22.0 9.1
Oct/2011 281,654,171,805.78 19.1 4.5 3.0 11.6 3.1 2.2 1.6 21.4 9.0
Nov/2011 282,325,635,483.64 19.1 4.7 3.0 11.4 3.1 2.2 1.6 21.2 8.6
Dec/2011 288,840,358,077.44 19.1 4.4 3.0 11.7 3.0 2.1 1.5 22.2 8.5
Jan/2012 280,235,919,384.08 17.6 4.3 3.0 10.3 3.0 2.2 1.6 22.6 8.3
Feb/2012 273,044,447,814.83 18.2 4.3 2.9 11.0 2.9 2.1 1.6 21.7 8.3
Mar/2012 268,146,985,254.91 18.2 4.1 2.9 11.2 2.8 2.0 1.5 22.8 8.2
Apr/2012 266,919,938,829.06 18.1 4.5 3.0 10.6 2.6 1.9 1.4 22.3 8.1
May/2012 265,684,325,363.98 18.2 4.1 2.9 11.1 2.5 1.8 1.3 23.1 8.2

Table 7

Standard & Poor's CCQI--U.S. ABS Private-Label Credit Cards
Monthly summary
Outstanding amount ($) Yield Charge-off rate (%) Base rate (%) Spread rate (%) 30+ day delinquency rate (%) 60+ day delinquency rate (%) 90+ day delinquency rate (%) Payment rate (%) Unemployment rate (%)
Jan/2000 26,140,066,022 23.7 6.7 7.8 9.2 9.2 6.6 4.6 12.7 4.0
Feb/2000 25,422,729,705 24.7 6.6 7.8 10.4 9.0 6.5 4.5 12.4 4.1
Mar/2000 24,992,194,451 26.1 6.2 7.8 12.1 8.9 6.3 4.4 13.6 4.0
Apr/2000 24,851,750,619 23.9 6.5 7.7 9.7 8.5 6.0 4.3 11.9 3.8
May/2000 24,771,764,165 24.9 6.4 7.8 10.7 8.7 6.2 4.3 12.0 4.0
Jun/2000 24,732,280,847 25.4 6.4 7.8 11.3 8.9 6.3 4.3 12.4 4.0
Jul/2000 25,970,909,752 24.7 6.8 7.9 10.1 8.7 6.7 4.6 10.7 4.0
Aug/2000 25,170,272,053 24.3 6.7 7.8 9.7 8.7 6.8 4.8 10.6 4.1
Sep/2000 25,167,957,090 25.4 6.8 7.8 10.8 8.9 7.0 4.9 11.3 3.9
Oct/2000 25,173,536,701 24.9 7.4 7.9 9.7 9.2 6.9 4.8 10.8 3.9
Nov/2000 26,752,396,220 24.4 7.4 7.4 9.6 8.8 6.7 4.7 11.3 3.9
Dec/2000 28,825,493,998 24.3 6.5 7.8 10.0 8.2 6.1 4.3 12.5 3.9
Jan/2001 27,852,949,755 23.4 6.7 7.8 9.0 9.3 6.8 4.8 12.7 4.2
Feb/2001 28,503,865,861 24.4 6.4 7.6 10.3 8.8 6.7 4.8 9.9 4.2
Mar/2001 27,801,706,395 26.6 7.1 7.6 11.8 8.5 6.5 4.7 13.7 4.3
Apr/2001 28,215,049,835 23.6 7.2 7.4 9.1 8.5 6.3 4.6 11.2 4.4
May/2001 28,123,944,540 22.9 6.8 6.7 9.3 8.2 6.3 4.5 11.3 4.3
Jun/2001 29,408,833,358 23.1 7.3 7.1 8.7 8.3 6.1 4.3 12.6 4.5
Jul/2001 29,014,307,878 24.6 7.6 7.0 10.0 8.5 6.3 4.4 11.4 4.6
Aug/2001 31,614,543,465 24.1 6.9 6.8 10.4 7.9 5.9 4.2 11.2 4.9
Sep/2001 33,813,138,827 24.9 6.5 6.5 11.9 7.7 5.9 4.2 11.0 5.0
Oct/2001 32,957,530,367 23.7 6.2 6.1 11.3 7.7 6.0 4.3 11.2 5.3
Nov/2001 35,531,711,165 23.2 7.9 6.0 9.3 7.4 5.8 4.1 10.9 5.5
Dec/2001 38,193,757,473 24.2 7.6 5.9 10.6 7.2 5.5 4.0 12.4 5.7
Jan/2002 36,637,998,313 22.6 7.6 5.9 9.2 7.7 5.8 4.1 13.0 5.7
Feb/2002 36,589,996,660 24.3 6.9 5.8 11.6 7.5 5.8 4.1 11.8 5.7
Mar/2002 36,387,269,067 25.5 7.6 5.8 12.0 7.1 5.6 4.0 13.4 5.7
Apr/2002 39,363,922,275 22.8 7.3 5.8 9.7 7.1 5.5 4.1 12.0 5.9
May/2002 39,202,532,742 22.8 7.9 5.7 9.2 6.9 5.5 4.0 12.1 5.8
Jun/2002 39,068,410,363 23.7 7.9 5.6 10.2 7.1 5.6 4.0 12.7 5.8
Jul/2002 39,999,780,425 22.9 8.0 5.6 9.4 7.0 5.6 4.0 12.0 5.8
Aug/2002 40,008,991,392 22.0 7.7 5.5 8.8 7.2 5.8 4.1 11.6 5.7
Sep/2002 40,022,874,020 23.6 8.1 5.4 10.1 7.3 5.9 4.3 12.2 5.7
Oct/2002 40,899,638,272 22.9 8.0 5.3 9.6 7.7 5.9 4.3 12.1 5.7
Nov/2002 45,021,359,092 21.4 7.8 4.9 8.7 7.6 6.1 4.4 11.5 5.9
Dec/2002 47,030,040,162 22.3 8.1 4.9 9.3 7.5 6.0 4.4 13.4 6.0
Jan/2003 46,246,963,759 21.9 8.0 4.9 8.9 7.7 6.1 4.5 12.9 5.8
Feb/2003 44,847,796,354 21.6 8.2 4.8 8.6 7.6 6.2 4.6 11.6 5.9
Mar/2003 42,268,233,100 23.6 8.4 4.9 10.4 7.4 6.1 4.6 13.6 5.9
Apr/2003 42,417,290,050 20.2 8.6 4.9 6.7 7.2 7.9 6.5 11.5 6.0
May/2003 41,795,095,785 21.5 9.0 4.9 7.7 7.2 8.0 6.5 12.0 6.1
Jun/2003 41,671,163,620 22.6 5.9 4.7 12.0 7.8 8.3 6.8 12.7 6.3
Jul/2003 40,912,948,178 21.3 9.2 4.5 7.6 7.8 8.3 6.6 12.1 6.2
Aug/2003 40,534,155,375 21.4 9.3 4.5 7.6 8.1 6.5 4.8 12.1 6.1
Sep/2003 41,354,680,590 23.1 9.1 4.4 9.6 7.9 6.5 4.7 12.9 6.1
Oct/2003 46,483,123,534 22.0 8.4 4.4 9.1 7.8 6.2 4.6 12.6 6.0
Nov/2003 46,255,710,067 21.2 9.0 4.4 7.8 6.9 5.5 3.9 12.0 5.8
Dec/2003 49,137,513,237 22.5 9.7 4.5 8.3 6.4 5.1 3.6 13.8 5.7
Jan/2004 46,925,809,506 21.3 9.1 4.4 7.8 6.5 5.1 3.6 13.5 5.7
Feb/2004 46,587,326,858 22.5 9.9 4.4 8.2 6.1 4.8 3.4 12.8 5.6
Mar/2004 45,221,991,064 23.9 9.6 4.4 10.0 5.8 4.6 3.3 14.8 5.8
Apr/2004 45,575,308,246 21.5 9.2 4.4 7.9 5.7 4.5 3.2 13.0 5.6
May/2004 44,997,644,101 22.2 8.9 4.4 8.9 5.6 4.4 3.1 13.2 5.6
Jun/2004 45,400,433,860 22.7 8.9 4.5 9.3 5.6 4.3 3.0 14.0 5.6
Jul/2004 53,167,329,277 22.0 8.2 4.8 9.1 5.4 4.1 2.8 15.4 5.5
Aug/2004 53,728,464,144 22.1 7.9 4.6 9.6 5.5 4.1 2.9 13.6 5.4
Sep/2004 60,942,895,294 23.1 7.4 4.8 10.9 5.2 3.9 2.7 13.8 5.4
Oct/2004 57,121,131,896 23.0 7.2 5.1 10.7 5.3 3.9 2.7 14.8 5.5
Nov/2004 63,294,368,613 23.3 7.5 5.4 10.4 5.2 3.8 2.6 14.3 5.4
Dec/2004 67,677,803,013 23.1 8.5 5.5 9.1 4.6 3.4 2.3 15.8 5.4
Jan/2005 65,060,865,130 23.4 7.0 5.6 10.8 4.8 3.4 2.4 15.1 5.2
Feb/2005 63,198,733,809 24.0 6.9 5.6 11.4 4.8 3.5 2.4 14.3 5.4
Mar/2005 61,314,056,909 25.0 7.3 5.5 12.2 4.6 3.5 2.3 16.7 5.2
Apr/2005 61,743,806,799 23.4 7.9 5.9 9.6 4.4 3.2 2.1 14.7 5.1
May/2005 61,426,295,605 23.8 7.8 6.0 10.0 4.5 3.2 2.2 14.9 5.1
Jun/2005 64,226,315,877 24.4 6.9 6.1 11.3 4.4 3.1 2.1 15.4 5.0
Jul/2005 64,419,019,498 24.0 6.5 6.2 11.3 4.5 3.1 2.1 14.6 5.0
Aug/2005 61,868,324,791 23.0 6.1 6.3 10.6 4.8 3.3 2.1 15.0 4.9
Sep/2005 63,955,868,525 24.5 6.7 6.5 11.3 5.0 3.4 2.2 15.1 5.1
Oct/2005 64,243,611,826 25.9 9.2 6.6 10.0 5.1 3.5 2.3 15.0 5.0
Nov/2005 59,434,571,018 24.1 8.7 6.9 8.4 5.3 3.4 2.2 14.6 5.0
Dec/2005 63,598,955,707 24.1 6.1 6.9 11.2 4.9 3.3 2.2 15.6 4.8
Jan/2006 61,782,097,122 24.5 4.7 7.1 12.9 5.1 3.4 2.3 15.4 4.7
Feb/2006 61,751,108,664 26.0 4.6 7.2 14.2 5.1 3.4 2.4 14.8 4.7
Mar/2006 62,292,058,026 26.6 4.7 7.2 14.9 4.9 3.3 2.3 16.7 4.7
Apr/2006 61,816,240,740 26.0 5.3 7.3 13.5 4.8 3.2 2.2 14.7 4.7
May/2006 60,263,946,060 25.6 4.8 7.6 13.3 4.8 3.2 2.2 15.4 4.7
Jun/2006 62,050,557,631 24.8 5.1 7.4 12.5 4.8 3.1 2.1 15.4 4.6
Jul/2006 60,957,005,211 26.1 4.9 7.9 13.4 5.1 3.3 2.1 14.7 4.7
Aug/2006 56,078,684,410 25.8 5.3 7.9 12.6 5.5 3.5 2.3 15.6 4.7
Sep/2006 66,816,477,785 26.1 5.1 7.6 13.5 5.3 3.5 2.3 14.0 4.5
Oct/2006 64,893,523,398 26.3 5.0 7.8 13.4 5.5 3.7 2.5 14.3 4.4
Nov/2006 67,695,625,765 25.9 5.4 7.9 12.6 5.3 3.6 2.4 14.3 4.5
Dec/2006 73,026,470,367 25.5 5.8 7.7 12.0 4.8 3.3 2.3 13.8 4.4
Jan/2007 70,093,052,367 25.2 5.1 7.8 12.3 5.0 3.4 2.3 14.8 4.6
Feb/2007 68,389,572,597 25.7 5.6 7.8 13.3 5.0 3.4 2.3 14.1 4.5
Mar/2007 68,450,729,168 26.8 5.6 7.4 13.8 4.7 3.2 2.2 15.3 4.4
Apr/2007 68,788,654,616 25.7 5.4 7.6 12.7 4.6 3.1 2.1 14.5 4.5
May/2007 69,709,842,961 25.6 5.1 7.5 12.9 4.6 3.0 2.1 14.9 4.5
Jun/2007 74,587,395,043 25.0 5.2 7.4 12.4 4.6 3.0 2.0 14.8 4.6
Jul/2007 75,219,463,986 25.6 4.8 7.6 13.1 4.7 3.1 2.0 14.9 4.7
Aug/2007 76,365,919,003 25.0 5.2 7.7 12.1 5.0 3.3 2.1 15.1 4.7
Sep/2007 81,030,713,023 24.7 5.1 8.2 11.4 5.0 3.4 2.2 13.8 4.7
Oct/2007 81,023,436,698 24.8 5.3 7.1 12.3 5.3 3.5 2.4 14.7 4.8
Nov/2007 82,601,399,561 24.1 6.1 6.9 11.1 5.4 3.6 2.4 14.3 4.7
Dec/2007 87,341,891,993 23.9 6.3 6.7 10.9 5.4 3.7 2.5 14.2 5.0
Jan/2008 85,007,777,892 23.5 6.2 6.8 10.5 5.6 3.8 2.6 15.3 4.9
Feb/2008 84,265,974,648 26.1 6.9 6.0 13.2 5.8 3.9 2.7 14.6 4.8
Mar/2008 82,888,753,147 25.6 7.4 5.8 12.4 5.8 4.0 2.7 15.0 5.1
Apr/2008 83,480,971,394 23.9 7.8 5.6 10.4 5.6 3.9 2.7 14.3 5.0
May/2008 82,582,381,846 23.8 7.3 5.4 11.1 5.6 3.9 2.7 15.0 5.5
Jun/2008 84,625,981,472 23.3 8.0 5.6 9.7 5.6 3.9 2.6 14.2 5.6
Jul/2008 84,466,973,486 23.4 7.2 5.6 10.5 5.8 4.0 2.7 15.0 5.8
Aug/2008 84,476,874,918 23.8 8.3 5.6 9.9 6.1 4.1 2.8 13.9 6.2
Sep/2008 84,948,539,676 23.4 7.9 5.8 9.7 6.6 4.4 2.9 13.7 6.2
Oct/2008 84,957,756,858 23.5 8.1 6.4 8.9 6.8 4.7 3.1 14.1 6.6
Nov/2008 84,330,421,589 24.5 9.3 5.6 9.6 7.3 5.0 3.4 12.9 6.8
Dec/2008 87,974,672,801 23.4 9.5 5.2 8.6 7.3 5.1 3.4 13.3 7.2
Jan/2009 84,929,064,498 22.9 9.9 4.8 8.2 7.8 5.4 3.7 13.8 7.6
Feb/2009 81,141,274,007 26.1 11.2 5.0 9.9 7.2 5.1 3.5 13.2 8.1
Mar/2009 79,203,918,248 25.9 10.9 4.8 10.2 7.3 5.1 3.6 14.1 8.5
Apr/2009 78,624,180,317 24.2 11.5 4.8 7.9 7.1 5.1 3.5 13.6 8.9
May/2009 79,591,321,181 25.3 12.0 5.0 8.4 6.9 4.9 3.5 13.5 9.4
Jun/2009 79,374,989,981 24.6 11.7 4.7 8.1 7.0 4.9 3.4 13.6 9.5
Jul/2009 78,597,332,856 24.7 10.8 4.5 9.3 7.1 5.0 3.4 14.0 9.4
Aug/2009 78,677,563,464 25.7 12.0 4.6 9.2 7.3 5.1 3.5 13.4 9.7
Sep/2009 78,538,086,715 25.1 11.1 4.5 9.4 7.5 5.2 3.5 13.4 9.8
Oct/2009 77,502,920,683 23.9 10.6 4.5 8.7 7.7 5.4 3.7 13.8 10.2
Nov/2009 77,795,039,751 25.4 12.2 4.4 8.8 7.7 5.4 3.7 13.3 10.0
Dec/2009 81,717,880,859 24.5 11.1 4.2 9.2 7.3 5.2 3.7 14.7 10.0
Jan/2010 78,050,018,260 24.6 11.7 4.3 8.6 7.5 5.4 3.8 14.5 9.7
Feb/2010 69,501,841,193 27.7 12.6 5.0 10.1 7.5 5.4 3.8 14.5 9.7
Mar/2010 68,209,493,502 27.2 12.2 4.8 10.2 7.2 5.1 3.6 15.4 9.7
Apr/2010 60,434,854,987 25.5 12.0 5.5 7.9 6.7 4.9 3.4 15.7 9.9
May/2010 59,482,538,036 25.8 11.7 5.7 8.4 6.7 4.6 3.3 15.1 9.7
Jun/2010 59,285,892,217 25.2 11.6 5.7 8.0 6.5 4.5 3.1 15.5 9.5
Jul/2010 58,405,771,754 25.3 10.4 5.6 9.3 6.5 4.5 3.1 15.5 9.5
Aug/2010 57,654,723,744 25.9 10.5 5.6 9.9 6.5 4.5 3.1 15.2 9.6
Sep/2010 57,469,173,960 25.6 10.2 5.5 9.9 6.6 4.5 3.1 15.6 9.6
Oct/2010 56,818,266,542 24.5 11.5 5.5 7.6 6.4 4.4 3.0 14.8 9.6
Nov/2010 56,809,068,560 25.0 10.2 5.5 9.3 6.2 4.3 3.0 15.1 9.8
Dec/2010 59,926,502,880 23.8 9.5 5.4 8.8 5.7 4.0 2.8 16.2 9.4
Jan/2011 57,941,912,788 23.9 9.1 5.5 9.3 5.8 4.0 2.8 16.1 9.0
Feb/2011 55,737,561,171 26.5 9.3 5.6 11.7 5.8 4.0 2.7 15.6 8.9
Mar/2011 54,783,887,150 25.8 8.4 5.0 12.4 5.3 3.7 2.5 17.2 8.8
Apr/2011 54,253,145,869 25.3 8.7 5.0 11.6 4.9 3.5 2.4 16.1 9.0
May/2011 54,007,166,574 24.7 8.0 5.0 11.7 4.8 3.2 2.2 16.0 9.1
Jun/2011 55,016,481,257 25.2 7.6 4.9 12.7 4.6 3.1 2.0 17.3 9.2
Jul/2011 54,696,441,775 25.0 6.9 5.3 12.9 4.6 3.0 2.0 16.2 9.1
Aug-11 54,277,391,147 25.1 6.8 5.0 13.3 4.7 3.1 2.0 16.6 9.1
Sep-11 54,426,202,005 25.1 6.3 4.8 14.0 4.8 3.2 2.1 16.5 9.1
Oct-11 54,040,828,426 25.4 6.7 4.9 13.8 4.9 3.3 2.1 16.0 9.0
Nov-11 54,027,483,216 25.3 6.6 4.9 13.8 4.9 3.3 2.2 16.2 8.6
Dec-11 58,457,938,448 24.2 6.8 4.9 12.5 4.5 3.1 2.1 17.3 8.5
Jan-12 55,805,300,402 23.6 6.2 4.6 12.9 4.7 3.2 2.1 17.2 8.3
Feb-12 53,711,540,031 26.9 6.5 5.0 15.4 4.6 3.2 2.1 16.9 8.3
Mar-12 53,223,856,986 25.5 6.3 4.9 14.2 4.3 2.9 2.0 17.4 8.2
Apr-12 52,815,953,995 26.0 6.5 4.8 14.6 4.1 2.8 1.9 16.5 8.1
May-12 52,779,945,314 25.8 6.1 4.9 14.7 3.9 2.6 1.8 17.0 8.2

Appendix II: CCQI Performance Variables

The CCQI is a monthly performance index that aggregates performance information across Standard & Poor's rated transactions in the following key risk areas: receivables outstanding, yield, payment rate, charge-off rate, delinquencies, base rate, and excess spread rate.

(We determine each master trust's weighting by dividing its outstanding eligible principal receivables by the total outstanding eligible principal receivables for all trusts included in the index. We then determine the CCQI weighted average performance variables by adding the result of each master trust's variables multiplied by each master trust's respective weighting.)

Receivables outstanding

The aggregate outstanding eligible principal receivables of credit card accounts backing each master trust at the end of the collection period.

Yield

The weighted average total trust income for the collection period, as a percentage of eligible principal receivables (annualized).

Total payment rate

The weighted average total monthly collections (obligor principal and finance charge payments), as a percentage of total outstandings.

Charge-off rate

The weighted average losses on principal receivables for the collection period, as a percentage of eligible principal receivables (annualized).

Delinquencies

The weighted average past-due amount for the collection period, as a percentage of the current month's eligible principal receivables.

Base rate

The weighted average cost of funding (the sum of the certificate rate on a securitization and the corresponding transaction servicing fee) for the collection period.

Excess spread rate

The weighted average surplus of cash inflow for the collection period (yield minus charge-offs minus the base rate).

Structured Finance Primary Credit Analysts:Ildiko Szilank, New York (1) 212-438-2614;
ildiko_szilank@standardandpoors.com
Frank J Trick, New York (1) 212-438-1108;
frank_trick@standardandpoors.com
Financial Institutions Primary Credit Analysts:Rodrigo Quintanilla, New York (1) 212-438-3090;
rodrigo_quintanilla@standardandpoors.com
Devi Aurora, New York (1) 212-438-3055;
devi_aurora@standardandpoors.com
Investor Relations Contacts:Ted J Burbage, New York (1) 212-438-2684;
ted_burbage@standardandpoors.com
Ernestine Warner, New York (1) 212-438-2633;
ernestine_warner@standardandpoors.com
Contributor:Michael Caggiano, New York
Research Contributors:Darshan Rathod, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Neha Panchal, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Shameer Bandeally, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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